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Further Education Finance after Bankruptcy?
Old-man-still-learning
Posts: 9 Forumite
"Wont you please, please help me ....."
I have a 38 year old son who, whilst of above average intelligence, seems to have a slight lack of social skills, making him shy and lacking in confidence. Strangely, he can be quite aggressively dominant towards his parents! After his one and only job with a tele-bank which he left some 8 years ago, we have carried him to the point where our own finances are exhausted.
Over the past 3 years, in an effort to help him create an income-stream where he doesn't have to directly relate with people all the time, we supported his own idea to set up an on-line business which appeared to have promise - he says 'it will make millions!' but my own perception of its potential is more modest. He is clever with computers and he has created a very professional looking multi-section inter-active website and has his own limited company, all financed with the best of intentions by 'the bank of mum & dad'.
However, his development plans are way behind schedule and we simply cannot finance him any further. To make matters worse, he is carrying £30K+ of personal debt from some previous debacle 10 years ago (don't ask!), his credit rating is zilch and he is already technically bankrupt.
There obviously has to be a change but he just wont face it. I have tried to get him help, even mental counselling, but it is always difficult for me to trigger because of his age. (Hell, I have had to seek psychiatric help myself over all this and just can't take any more.)
So I am trying to range ahead in the assumption that he will be made bankrupt at some stage soon. I feel it is inevitable.
So, at last, my questions to you!
a) If he becomes bankrupt, what are the chances of him getting finance for further education? He really is a clever chap and was told at school that he had 'Oxford potential'! He didn't actually go to university but has 5 'A' levels including law, politics and economics and I could see him in some role within the legal profession - am I clutching at straws?
b) Is there any possibility of his limited company (which is clean but has no physical/monetary assets or saleable worth) being transferred to me before any banckruptcy proceedings, just to at least save his work and justify our considerable investment?
Anyway, in desperation, I would be grateful for your thoughts.
I have a 38 year old son who, whilst of above average intelligence, seems to have a slight lack of social skills, making him shy and lacking in confidence. Strangely, he can be quite aggressively dominant towards his parents! After his one and only job with a tele-bank which he left some 8 years ago, we have carried him to the point where our own finances are exhausted.
Over the past 3 years, in an effort to help him create an income-stream where he doesn't have to directly relate with people all the time, we supported his own idea to set up an on-line business which appeared to have promise - he says 'it will make millions!' but my own perception of its potential is more modest. He is clever with computers and he has created a very professional looking multi-section inter-active website and has his own limited company, all financed with the best of intentions by 'the bank of mum & dad'.
However, his development plans are way behind schedule and we simply cannot finance him any further. To make matters worse, he is carrying £30K+ of personal debt from some previous debacle 10 years ago (don't ask!), his credit rating is zilch and he is already technically bankrupt.
There obviously has to be a change but he just wont face it. I have tried to get him help, even mental counselling, but it is always difficult for me to trigger because of his age. (Hell, I have had to seek psychiatric help myself over all this and just can't take any more.)
So I am trying to range ahead in the assumption that he will be made bankrupt at some stage soon. I feel it is inevitable.
So, at last, my questions to you!
a) If he becomes bankrupt, what are the chances of him getting finance for further education? He really is a clever chap and was told at school that he had 'Oxford potential'! He didn't actually go to university but has 5 'A' levels including law, politics and economics and I could see him in some role within the legal profession - am I clutching at straws?
b) Is there any possibility of his limited company (which is clean but has no physical/monetary assets or saleable worth) being transferred to me before any banckruptcy proceedings, just to at least save his work and justify our considerable investment?
Anyway, in desperation, I would be grateful for your thoughts.
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